Industry groups want GSP renewal

Thursday, February 07, 2013

A group of 138 U.S. companies and trade associations wants Congress to immediately renew the Generalized System of Preferences (GSP) program.
GSP saves U.S. importers hundreds of millions of dollars by eliminating tariffs on products from about 130 developing countries. However, GSP is set to expire at the end of July and American companies would face $2 million per day in new taxes if Congress fails to renew GSP by Aug. 1, warned the Coalition for GSP.
“GSP is a critically important program that helps U.S. companies of all sizes, but particularly small- and medium-sized businesses, access low-cost inputs they need to manufacture a wide range of exports,” said Chuck Dittrich, vice president for regional trade initiatives at the National Foreign Trade Council. “The program is central to U.S. export growth and helps support economic growth and American jobs. We urge Congress to renew GSP immediately.”
The coalition on Tuesday released its 2013 GSP Supporter List, which includes 124 companies ranging from small, family-owned businesses to some of the largest corporations in the world, such as General Electric and Home Depot. Fifteen business associations have also joined the GSP Supporter List.